The National Assembly’s Standing Finance Committee believes that cryptocurrencies should be allowed in Pakistan and has convened experts for its next meeting to provide a detailed briefing on related issues.
The Standing Committee on Finance has deliberated on MNA Osama Qadri’s warning about allowing cryptocurrency trading in the country.
The message mover said during the briefing that digital currency buying and selling machines have been set up in more than 75 countries of the world. If digital currency is used all over the world, why can’t we allow it in Pakistan? he asked.
He said there are four cryptocurrency exchanges in neighboring India. Pakistan is blessed with talented youngsters and cryptocurrency and blockchain experts are already available in the country and the government should take advantage of this talent. He said the government had banned cryptocurrency for no reason.
Jamil Ahmed Khan said that many people have invested in this business and suffered losses without realizing it. He claimed that in the past year people estimated that Rs. 20 billion in this business.
To this, the officials of the State Bank of Pakistan (SBP) said: “Only the Pakistani rupee is legal in Pakistan and not a cryptocurrency. The SBP had issued a warning about this in 2018.” They argued that only Salvador and Cuba had allowed cryptocurrencies and given them legal status.
However, the majority of the committee members were in favor of allowing cryptocurrencies.
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